South Korea · Country watch
KOSPI Plummets, Battery Plant Probe, Celltrion Profit Surge
KOSPI falls over 3% amid tech sell-off; President Lee orders probe into battery plant's worker abuse; Celltrion posts record Q3 profit.
In this briefing Lee Jae Myung · DN Automotive · Celltrion · Korea Composite Stock Price Index · Dow Jones Industrial Average
Regulation
Nothing significant reported today.
Disruption
Nothing significant reported today.
Internal tension
Nothing significant reported today.
Safety & health
President Lee orders probe into battery plant abuses
President Lee Jae Myung has ordered a thorough investigation into allegations that DN Automotive, a major car battery manufacturer, disguised heavy metal-removing drugs as vitamin shots to its workers, Korea.net reports. The Ministry of Employment and Labor briefed Lee on the measures taken and future plans before he instructed a stern response. The allegations suggest DN Automotive attempted to cover up dangerous lead levels in its production line.
Impact Automotive sector employers face scrutiny as DN Automotive is investigated for worker abuse.
Sources: Korea.net ↗
Companies
Celltrion's Q3 operating profit exceeds W500 billion
Celltrion announced on Monday that its operating profit for the third quarter surpassed 500 billion won ($374.3 million) for the first time, driven by strong global sales, according to Korea.net. The company reported preliminary consolidated revenue of 1.5 trillion won and an operating profit of 510 billion won, marking increases of 45.8 percent and 69.2 percent year-on-year, respectively. The performance was bolstered by high-margin biosimilars and reduced costs.
Impact Pharma investors see gains as Celltrion posts record profits driven by biosimilar sales.
Sources: Korea.net ↗
Markets
KOSPI drops over 3% amid tech sell-off and inflation
Seoul shares plunged more than 3 percent on Monday, driven by a massive sell-off in technology stocks amid inflation concerns and elevated oil prices, The Korea Herald reports. The Korea Composite Stock Price Index (KOSPI) fell 241.69 points, or 3.65 percent, closing at 6,384.24. This marks the fourth consecutive session of losses for the index. The decline occurred despite gains on Wall Street, with the Dow Jones Industrial Average rising. The Korean won appreciated against the US dollar during the trading session.
Impact Investors in South Korean technology stocks face significant losses as the KOSPI drops over 3%.
Sources: The Korea Herald ↗, Korea.net ↗
Trade
Nothing significant reported today.
Politics
Nothing significant reported today.
Also today in South Korea
- ASX set to edge up, Wall Street steady — Herald News
- Emergency doctors warn of ‘terrifying’ crisis Australia is not prepared for — Herald News
- Exports double in first 10 days of October on chips — Korea.net
- Policymakers take on energy shock, rising debt at IMF-World Bank meetings — Korea.net
- Naval buildup is a must for energy-dependent Korea — Korea.net
- Early rate hike ahead of Fed's move minimized economic costs: BOK chief — Korea.net
- France's high school students plan fresh protests — Korea.net
- EU adds 3 individuals, 4 entities to N. Korea sanctions list — Korea.net
Sources in this briefing
Sources: each headline links to the original article on the publisher's site.
The same day elsewhere
- Argentina: Iguazú Falls Closed; Inflation Data Released
- Brazil: Storm Warnings, Oil Price Surge, Itaipu Alert
- Canada: Alberta Separation Vote, Copper Theft Concerns
- China: China-EU Trade Deal, Export Tax Changes
- Germany: German Labor Minister Resigns, A57 Closed After Crash
- Egypt: Banque Misr's EGP 10bn Deal, El-Sisi's Asian Tour
- Spain: Madrid-Barcelona AVE Disruption, EU Hybrid Car Limits
- France: Lycée Protests Continue, Restaurant Voucher Law Debated
- United Kingdom: UK Travel Firm Liquidates, Train Disruptions
- Indonesia: New Import Tariffs, Lampung Fuel Checks Tighten
- Israel: Kfar Saba Corruption Arrests, Microsoft Job Cuts
- India: Rupee Rebounds, SC Orders Medicine Price Cap
- Iraq: Iraq Investment Law Changes, Oil Price Drop
- Iran: Hormuz Tanker Fire, Dollar Drops, Protests Persist
- Italy: Ex Ilva Strike, Budget Challenges, MPS Tensions
- Jordan: Gold Prices Drop, Olive Production Rises
- Japan: Japan's Tax Debate, SaaS M&A Surge
- Kenya: Kenya-Uganda Trade Talks, Ebola Update, Construction Growth
- Lebanon: Lebanon Tax Crackdown, Dollar Surge, Oil at $107
- Morocco: Moroccan Government Formed, Fishing Output Rises
- Mexico: Peso Strengthens, Hurricane Simon Disrupts Ports
- Malaysia: Malaysia Opens Contracts, Kajang Landslide Hits
- Nigeria: Dangote IPO Extended, Nigeria's Debt Woes, Kano School Closures
- Netherlands: Albert Heijn Cyberattack, New Zoo Regulations
- Poland: Gas Prices Surge, Starlink Sabotage Arrests
- Portugal: Japan Lifts Poultry Ban, Douro Rail Disruption
- Russia: Moscow Exchange Surges, Diesel Deal Boosts Markets
- Senegal: Diphtheria Outbreak, Water Cuts in Dakar
- Syria: Syrian Customs Tariff Cuts, Aleppo Fuel Crisis
- Turkey: Turkey Export Growth, Capital Market Probe
- Ukraine: EU Sanctions Russia, Kyiv Power Outages Persist
- United States: ATF Eases Gun Rules, Port of LA Cargo Record
- Vietnam: PM Overhauls Power Plan, Dollar Strengthens
- South Africa: Tongaat Delisting, KZN Heatwave Impacts